Illustration: Colin Daniel

Noluntu Bam the long-serving Ombud for Financial Advisory and Intermediary Services (FAIS), who, among many other laudable acts, ordered a host of financial advisers to compensate the victims of imploded property syndication schemes, is stepping down. Her successor is Naresh Suresh Tulsie, whose appointment is effective May 1. 

The Financial Sector Conduct Authority (FSCA, previously the Financial Services Board) says Tulsie will be taking over from Bam, who has been with the FAIS Ombud since 2003 and who assumed the position of ombud in 2010. 

Bam’s contract ends on April 30. 

Having completed two terms in office and ready to leave in 2016, Bam remained in office in terms of an agreement with the board until a suitable successor had been identified.

The FSCA says that, as the FAIS Ombud, Tulsie “will be responsible for promoting consumer protection and fostering the integrity of the financial services industry by resolving complaints in a manner that is impartial, expeditious, economical, accessible and, at all times, equitable”.

Tulsie holds a BCom Law, LLB and an LLM in insurance, and practised as an attorney of law, with rights of appearance in the High Court. 

He served the Short-term Insurance Ombudsman as assistant ombudsman from 2000 to 2007. He also served as an internal ombudsman and media relations officer for the Badger Group. In 2013, he was appointed as the head of compliance for Nedbank Insurance and subsequently occupied the role of Manager: Legal at the same institution. 

He acted as a custodian for all legal matters, and also advised on impending legislation, including the Financial Sector Regulation Act, Financial Intelligence Centre Act, Insurance Bill and the Conduct of Financial Institutions Bill.